LONDON: Saudi Arabia’s Red Sea project will offer visas on arrival for overseas visitors following the creation of a company to deliver the ambitious project.
The project marked a milestone on Sunday with its incorporation as a standalone closed joint-stock company, The Red Sea Development Company (TRSDC), wholly owned by the country’s Public Investment Fund (PIF).
The company, which in October announced Virgin Group founder Richard Branson as one of its board members, on Sunday said it had recruited John Pagano, the former managing director of development for the UK’s Canary Wharf Group as its chief executive.
The newly-incorporated company will now move forward with the creation of its Special Economic Zone, with its own regulatory framework, it said in a statement.
The framework will be separate from the base economy, with a special emphasis on environmental sustainability, and will offering visa on entry, relaxed social norms, and improved business regulations.
“The destination will provide a unique sense of place for visitors and offer nature lovers, adventurers, cultural explorers and guests looking to escape and rejuvenate, a wide range of exclusive experiences, combining luxury, tranquillity, adventure and beautiful landscapes,” said Pagano.
The first phase of The Red Sea Project — which will occupy an area greater than the size of Belgium between the cities of Al-Wajh and Umluj — will include hotels and residential units, along with a new costal town, an airport and a marina, and is due for completion by late 2022, the company said.
Authorities hope the project will create as many as 35,000 jobs and contribute SR15 billion ($3.99 billion) to the local economy.
The project, unveiled last July by Crown Prince Mohammed bin Salman, is one of the key developments in Saudi Arabia’s strategy to develop its tourism sector, alongside Qiddiya, an entertainment resort near Riyadh that will be two-and-a-half times the size of Disney World.
The country’s Vision 2030 economic development plan is targeting the creation of 1.2 million new jobs in the Saudi tourism sector by 2030.
Saudi Red Sea project to offer visa on arrival for tourists
Saudi Red Sea project to offer visa on arrival for tourists
- Saudi Arabia’s Red Sea Project has been registered as a standalone company
- The venture will be will be headed by John Pagano, former director of London’s Canary Wharf business zone
First Saudi State’s economy laid foundation for modern stability
- Revived commerce in Arabian Peninsula, according to historian
- Diriyah highlighted as premier political and commercial center
RIYADH: The economy of the First Saudi State served as a fundamental pillar in building the nation, consolidating its influence, and ensuring its stability, the Saudi Press Agency reported recently.
The main features of this economy is outlined in the book “Diriyah: Origins and Development during the First Saudi State,” by Dr. Abdullah Al-Saleh Al-Othaimeen, the SPA reported.
The measures taken in those early days helped to ensure security, unify regions, and organize society. This assisted in stimulating trade, stabilizing markets, and enhancing life in Diriyah and surrounding areas.
The book, published by the King Abdulaziz Foundation for Research and Archives, outlines how these actions facilitated the arrival of caravans, secured vast trade routes, and revived commerce across the Arabian Peninsula.
Beyond its political and intellectual prominence, Diriyah emerged as a vibrant economic hub. Its markets attracted merchants and students from across the region.
The local community relied on diverse activities including trade, agriculture, and livestock breeding, with horses and camels playing crucial roles in transportation, commerce, and securing roads.
Economic growth during this founding phase “solidified Diriyah’s position as a premier political and commercial center in the Arabian Peninsula,” the SPA reported
